Annovation finds $8M for virtual biotech plan

The do-more-with-less mentality is alive and well in biotech. Atlas Venture Development Corp., a unit of the VC firm Atlas Venture, has shown again that a skeleton crew of full-time staff can run a drug development program on a tight budget with the help of outside contractors. And its latest startup, Annovation Biopharma, has found $8 million in a Series A round with investments from Atlas, Partners Innovation Fund and strategic backer The Medicines Co. ($MDCO), which has an option to acquire Annovation and its anesthetic drug candidate. The goal is to get the new anesthetic through proof-of-concept, after which The Medicines Co. could take over the program. Article

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